v3.26.1
Condensed Consolidated Cash Flow Statement
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
Dec. 31, 2025
USD ($)
Cash flow from operating activities      
Net profit for the period $ 460.7 $ 121.6 $ 286.0
Adjustments:      
Profit from sale of vessels (4.0) (14.9) (19.0)
Depreciation and amortization 120.1 105.4 214.5
Financial income (3.9) (7.5) (13.3)
Financial expenses 37.2 35.7 74.4
Tax 2.4 7.2 9.2
Other non-cash movements 5.4 18.3 41.4
Interest received and realized exchange gains 3.4 7.7 11.9
Interest paid and realized exchange losses (33.1) (34.1) (70.0)
Income taxes paid (1.7) (1.2) (2.7)
Change in inventories, receivables and payables, etc. (131.1) 6.2 (33.5)
Net cash flow from operating activities 455.4 244.4 498.9
Cash flow from investing activities      
Investment in tangible fixed assets (256.9) [1] (55.7) [1] (308.5) [1]
Investment in intangible fixed assets (1.5) (0.4) (1.8)
Sale of tangible fixed assets 29.3 95.3 143.8
Change in restricted cash 2.9 9.3 13.9
Net cash flow from investing activities (226.2) 48.5 (152.6)
Cash flow from financing activities      
Proceeds, borrowings 294.5 0.1 338.0
Repayment, borrowings (194.5) (103.8) (567.7)
Vessel lease extinguishment prepayment 0.0 0.0 (29.1)
Dividend paid (143.0) (97.7) (199.7)
Capital increase 21.4 [1] 0.2 [1] 2.3 [1]
Transaction costs share issue 0.0 (0.1) (0.1)
Transactions with non-controlling interests 0.0 (3.7) (3.8)
Net cash flow from financing activities (21.6) (205.0) (460.1)
Net cash flow from operating, investing and financing activities 207.6 87.9 (113.8)
Cash and cash equivalents beginning balance 158.1 271.9 271.9
Cash and cash equivalents ending balance 365.7 359.8 158.1
Restricted cash equivalents ending balance 2.5 10.0 5.4
Cash and cash equivalents including restricted cash ending balance $ 368.2 $ 369.8 $ 163.5
[1] 1) In 2025, share capital was increased by USD 19.3m, including an USD 17.0m non-cash share issue in relation to the
purchase of one vessel. No such non-cash transactions in the first six months of 2025 and first six months of 2026.